Oppenheimer & Co. Inc. Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Oppenheimer & Co. Inc. boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 25.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,717 shares of the business services provider’s stock after buying an additional 946 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Cintas were worth $3,303,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. LGT Financial Advisors LLC grew its holdings in shares of Cintas by 311.1% during the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Atwood & Palmer Inc. purchased a new position in shares of Cintas during the second quarter worth about $27,000. Pathway Financial Advisers LLC purchased a new position in shares of Cintas during the first quarter worth about $29,000. Rise Advisors LLC purchased a new position in shares of Cintas during the first quarter worth about $30,000. Finally, Webster Bank N. A. purchased a new position in shares of Cintas during the first quarter worth about $38,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CTAS. Redburn Atlantic began coverage on Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 price target on the stock. Citigroup lowered Cintas from a “neutral” rating to a “sell” rating and raised their price target for the stock from $132.50 to $142.50 in a report on Friday, May 24th. Truist Financial raised their price target on Cintas from $193.75 to $212.50 and gave the stock a “buy” rating in a report on Friday, July 19th. Wells Fargo & Company upgraded shares of Cintas to a “strong sell” rating in a research report on Tuesday, August 13th. Finally, Stifel Nicolaus raised their price objective on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $185.41.

Cintas Price Performance

CTAS stock opened at $207.77 on Monday. The firm has a 50 day moving average of $204.28 and a 200-day moving average of $181.01. Cintas Co. has a 12-month low of $118.68 and a 12-month high of $209.12. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. The company has a market cap of $20.94 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 4.36 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Thursday, July 18th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm earned $0.83 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities analysts expect that Cintas Co. will post 16.64 EPS for the current fiscal year.

Cintas Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.75%. Cintas’s dividend payout ratio is currently 43.09%.

Cintas announced that its board has approved a stock buyback program on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the transaction, the director now directly owns 125,808 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.10% of the company’s stock.

About Cintas

Cintas Corporation engages in the provision of corporate identity uniforms and related business services primarily in the United States, Canada, and Latin America. It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company rents and services uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items; and provides restroom cleaning services and supplies, as well as sells uniforms.